Question

write a sample audit question from the following process criteria: contract review process (procedure 5.2) states: "all contracts must be approved by management. Contracts < $40,000 are approved by the finance manager, contracts > $40,000 are approved by the general manager."

Answer 1

1. How is the contract approval process documented within the organization?

2. Do all contracts go through the contract review process as stated in Procedure 5.2?

3. Was the finance manager responsible for approving all contracts under $40,000, and the general manager responsible for approving all contracts over $40,000?